diff --git a/Makefile b/Makefile
index 512f4e8b88..e7652b58ba 100644
--- a/Makefile
+++ b/Makefile
@@ -19,7 +19,7 @@ override LDFLAGS += \
 #  docker image publishing options
 DOCKER_PUSH?=false
 IMAGE_NAMESPACE?=argoproj
-IMAGE_TAG?=latest
+IMAGE_TAG?=v1.2.0
 
 ifeq (${DOCKER_PUSH},true)
 ifndef IMAGE_NAMESPACE
diff --git a/VERSION b/VERSION
index a0f9a4b4bc..26aaba0e86 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-latest
+1.2.0
diff --git a/api/openapi-spec/swagger.json b/api/openapi-spec/swagger.json
index 12e276c2b1..9bb1967e80 100644
--- a/api/openapi-spec/swagger.json
+++ b/api/openapi-spec/swagger.json
@@ -2,7 +2,7 @@
   "swagger": "2.0",
   "info": {
     "title": "Argo Events",
-    "version": "latest"
+    "version": "v1.2.0"
   },
   "paths": {},
   "definitions": {
diff --git a/manifests/base/kustomization.yaml b/manifests/base/kustomization.yaml
index ab4687a7c9..4f5b08f7d3 100644
--- a/manifests/base/kustomization.yaml
+++ b/manifests/base/kustomization.yaml
@@ -14,11 +14,11 @@ resources:
 
 images:
   - name: argoproj/sensor-controller
-    newTag: latest
+    newTag: v1.2.0
   - name: argoproj/eventbus-controller
-    newTag: latest
+    newTag: v1.2.0
   - name: argoproj/eventsource-controller
-    newTag: latest
+    newTag: v1.2.0
 
 patchesStrategicMerge:
   - |-
@@ -33,7 +33,7 @@ patchesStrategicMerge:
             - name: eventsource-controller
               env:
                 - name: EVENTSOURCE_IMAGE
-                  value: argoproj/eventsource:latest
+                  value: argoproj/eventsource:v1.2.0
   - |-
     apiVersion: apps/v1
     kind: Deployment
@@ -46,4 +46,4 @@ patchesStrategicMerge:
             - name: sensor-controller
               env:
                 - name: SENSOR_IMAGE
-                  value: argoproj/sensor:latest
+                  value: argoproj/sensor:v1.2.0
diff --git a/manifests/install.yaml b/manifests/install.yaml
index 0f7152df05..79de85ddbb 100644
--- a/manifests/install.yaml
+++ b/manifests/install.yaml
@@ -264,7 +264,7 @@ spec:
           value: nats-streaming:0.17.0
         - name: NATS_METRICS_EXPORTER_IMAGE
           value: synadia/prometheus-nats-exporter:0.6.2
-        image: argoproj/eventbus-controller:latest
+        image: argoproj/eventbus-controller:v1.2.0
         imagePullPolicy: Always
         livenessProbe:
           httpGet:
@@ -302,12 +302,12 @@ spec:
       containers:
       - env:
         - name: EVENTSOURCE_IMAGE
-          value: argoproj/eventsource:latest
+          value: argoproj/eventsource:v1.2.0
         - name: NAMESPACE
           valueFrom:
             fieldRef:
               fieldPath: metadata.namespace
-        image: argoproj/eventsource-controller:latest
+        image: argoproj/eventsource-controller:v1.2.0
         imagePullPolicy: Always
         livenessProbe:
           httpGet:
@@ -345,12 +345,12 @@ spec:
       containers:
       - env:
         - name: SENSOR_IMAGE
-          value: argoproj/sensor:latest
+          value: argoproj/sensor:v1.2.0
         - name: NAMESPACE
           valueFrom:
             fieldRef:
               fieldPath: metadata.namespace
-        image: argoproj/sensor-controller:latest
+        image: argoproj/sensor-controller:v1.2.0
         livenessProbe:
           httpGet:
             path: /healthz
diff --git a/manifests/namespace-install.yaml b/manifests/namespace-install.yaml
index b4e52ea7a8..45e85030e9 100644
--- a/manifests/namespace-install.yaml
+++ b/manifests/namespace-install.yaml
@@ -181,7 +181,7 @@ spec:
           value: nats-streaming:0.17.0
         - name: NATS_METRICS_EXPORTER_IMAGE
           value: synadia/prometheus-nats-exporter:0.6.2
-        image: argoproj/eventbus-controller:latest
+        image: argoproj/eventbus-controller:v1.2.0
         imagePullPolicy: Always
         livenessProbe:
           httpGet:
@@ -221,12 +221,12 @@ spec:
         - --namespaced
         env:
         - name: EVENTSOURCE_IMAGE
-          value: argoproj/eventsource:latest
+          value: argoproj/eventsource:v1.2.0
         - name: NAMESPACE
           valueFrom:
             fieldRef:
               fieldPath: metadata.namespace
-        image: argoproj/eventsource-controller:latest
+        image: argoproj/eventsource-controller:v1.2.0
         imagePullPolicy: Always
         livenessProbe:
           httpGet:
@@ -266,12 +266,12 @@ spec:
         - --namespaced
         env:
         - name: SENSOR_IMAGE
-          value: argoproj/sensor:latest
+          value: argoproj/sensor:v1.2.0
         - name: NAMESPACE
           valueFrom:
             fieldRef:
               fieldPath: metadata.namespace
-        image: argoproj/sensor-controller:latest
+        image: argoproj/sensor-controller:v1.2.0
         livenessProbe:
           httpGet:
             path: /healthz
diff --git a/version.go b/version.go
index 27c3481686..331ee8987c 100644
--- a/version.go
+++ b/version.go
@@ -24,7 +24,7 @@ import (
 // Version information set by link flags during build. We fall back to these sane
 // default values when we build outside the Makefile context (e.g. go build or go test).
 var (
-	version      = "latest"               // value from VERSION file
+	version      = "v1.2.0"               // value from VERSION file
 	buildDate    = "1970-01-01T00:00:00Z" // output from `date -u +'%Y-%m-%dT%H:%M:%SZ'`
 	gitCommit    = ""                     // output from `git rev-parse HEAD`
 	gitTag       = ""                     // output from `git describe --exact-match --tags HEAD` (if clean tree state)