diff --git a/applications/pom.xml b/applications/pom.xml
index e4d1d969..68dbbb15 100644
--- a/applications/pom.xml
+++ b/applications/pom.xml
@@ -3,7 +3,7 @@
 	<modelVersion>4.0.0</modelVersion>
 	<groupId>org.springframework.cloud.stream.app</groupId>
 	<artifactId>applications</artifactId>
-	<version>3.1.2-SNAPSHOT</version>
+	<version>3.2.0-SNAPSHOT</version>
 	<name>applications</name>
 	<description>Infrastructure for stream applications</description>
 	<packaging>pom</packaging>
diff --git a/applications/source/pom.xml b/applications/source/pom.xml
index 28ce6fc3..43900574 100644
--- a/applications/source/pom.xml
+++ b/applications/source/pom.xml
@@ -6,7 +6,7 @@
 
     <groupId>org.springframework.cloud.stream.app</groupId>
     <artifactId>source</artifactId>
-    <version>3.1.2-SNAPSHOT</version>
+    <version>3.2.0-SNAPSHOT</version>
     <packaging>pom</packaging>
 
     <modules>
diff --git a/applications/stream-applications-core/pom.xml b/applications/stream-applications-core/pom.xml
index ea04e077..f92f1c83 100644
--- a/applications/stream-applications-core/pom.xml
+++ b/applications/stream-applications-core/pom.xml
@@ -16,13 +16,13 @@
     </parent>
 
     <properties>
-        <revision>3.1.2-SNAPSHOT</revision>
+        <revision>3.2.0-SNAPSHOT</revision>
         <stream-apps-core.version>${revision}</stream-apps-core.version>
-        <java-functions.version>1.1.2-SNAPSHOT</java-functions.version>
+        <java-functions.version>1.2.0-SNAPSHOT</java-functions.version>
         <apps.base-image>springcloud/baseimage:1.0.0</apps.base-image>
         <mockserver.version>5.10</mockserver.version>
-        <spring-cloud-stream-dependencies.version>3.1.5</spring-cloud-stream-dependencies.version>
-        <spring-cloud-stream.version>3.1.5</spring-cloud-stream.version>
+        <spring-cloud-stream-dependencies.version>3.2.1</spring-cloud-stream-dependencies.version>
+        <spring-cloud-stream.version>3.2.1</spring-cloud-stream.version>
         <spring-cloud-dataflow-apps-generator-plugin.version>1.0.5</spring-cloud-dataflow-apps-generator-plugin.version>
         <spring-cloud-dataflow-apps-docs-plugin.version>1.0.5</spring-cloud-dataflow-apps-docs-plugin.version>
         <spring-cloud-dataflow-apps-metadata-plugin.version>1.0.5</spring-cloud-dataflow-apps-metadata-plugin.version>
@@ -30,7 +30,7 @@
         <prometheus-rsocket.version>1.3.0</prometheus-rsocket.version>
         <!-- Boot 2.4.x needs wavefront-spring-boot version 2.1.0-RC1+ -->
         <wavefront-spring-boot.version>2.2.0</wavefront-spring-boot.version>
-        <spring-cloud.version>2020.0.4</spring-cloud.version>
+        <spring-cloud.version>2021.0.0</spring-cloud.version>
     </properties>
 
     <modules>
diff --git a/functions/pom.xml b/functions/pom.xml
index 9f34dd25..34220f04 100644
--- a/functions/pom.xml
+++ b/functions/pom.xml
@@ -13,12 +13,12 @@
 	<parent>
 		<groupId>org.springframework.cloud.stream.app</groupId>
 		<artifactId>stream-applications-build</artifactId>
-		<version>1.1.2-SNAPSHOT</version>
+		<version>1.2.0-SNAPSHOT</version>
 		<relativePath/>
 	</parent>
 
 	<properties>
-		<revision>1.1.2-SNAPSHOT</revision>
+		<revision>1.2.0-SNAPSHOT</revision>
 	</properties>
 
 	<modules>
diff --git a/functions/spring-functions-parent/pom.xml b/functions/spring-functions-parent/pom.xml
index 76daf348..215d4cfd 100644
--- a/functions/spring-functions-parent/pom.xml
+++ b/functions/spring-functions-parent/pom.xml
@@ -15,7 +15,7 @@
 	<packaging>pom</packaging>
 
 	<properties>
-		<spring-cloud-function.version>3.1.5</spring-cloud-function.version>
+		<spring-cloud-function.version>3.2.1</spring-cloud-function.version>
 		<spring-cloud-fn.version>${project.version}</spring-cloud-fn.version>
 	</properties>
 
diff --git a/pom.xml b/pom.xml
index a8f5f733..761bf884 100644
--- a/pom.xml
+++ b/pom.xml
@@ -4,7 +4,7 @@
 
     <groupId>org.springframework.cloud.stream.app</groupId>
     <artifactId>stream-applications</artifactId>
-    <version>3.1.1-SNAPSHOT</version>
+    <version>3.2.0-SNAPSHOT</version>
     <name>stream-applications</name>
     <description>Functions and Infrastructure for stream applications</description>
     <packaging>pom</packaging>
diff --git a/stream-applications-build/pom.xml b/stream-applications-build/pom.xml
index 9016ab1e..3e11c1c4 100644
--- a/stream-applications-build/pom.xml
+++ b/stream-applications-build/pom.xml
@@ -5,7 +5,7 @@
 
 	<groupId>org.springframework.cloud.stream.app</groupId>
 	<artifactId>stream-applications-build</artifactId>
-	<version>1.1.2-SNAPSHOT</version>
+	<version>1.2.0-SNAPSHOT</version>
 	<name>stream-applications-build</name>
 	<description>Common Parent for Functions and Applications</description>
 	<packaging>pom</packaging>
@@ -40,10 +40,10 @@
 		<nohttp-checkstyle.version>0.0.2.RELEASE</nohttp-checkstyle.version>
 		<disable.nohttp.checks>true</disable.nohttp.checks>
 		<spring-javaformat-checkstyle.version>0.0.7</spring-javaformat-checkstyle.version>
-		<spring-boot.version>2.5.5</spring-boot.version>
-		<spring-kafka.version>2.7.1</spring-kafka.version>
-		<spring-rabbit.version>2.3.7</spring-rabbit.version>
-		<spring-cloud-function.version>3.1.5</spring-cloud-function.version>
+		<spring-boot.version>2.6.3</spring-boot.version>
+		<spring-kafka.version>2.8.2</spring-kafka.version>
+		<spring-rabbit.version>2.4.2</spring-rabbit.version>
+		<spring-cloud-function.version>3.2.1</spring-cloud-function.version>
 		<spring-data-geode-test.version>0.0.21.RELEASE</spring-data-geode-test.version>
 		<test-containers.version>1.15.2</test-containers.version>
 		<maven-flatten-plugin.version>1.2.5</maven-flatten-plugin.version>