diff --git a/README.md b/README.md
index f1b89dc..d2144ae 100644
--- a/README.md
+++ b/README.md
@@ -61,7 +61,7 @@ performance -- just don't expect a high performance!
 ## Specification
 
 - NLP Sandbox schemas version: 1.2.0
-- NLP Sandbox tool version: 1.2.0
+- NLP Sandbox tool version: 1.2.1
 - Docker image: [docker.synapse.org/syn22277123/phi-annotator-example]
 
 
diff --git a/docker-compose.yml b/docker-compose.yml
index f70bad6..f0545a7 100644
--- a/docker-compose.yml
+++ b/docker-compose.yml
@@ -2,7 +2,7 @@ version: "3.8"
 
 services:
   phi-annotator:
-    image: docker.synapse.org/syn22277123/phi-annotator-example:1.2.0
+    image: docker.synapse.org/syn22277123/phi-annotator-example:1.2.1
     build:
       context: server
       dockerfile: Dockerfile
diff --git a/server/openapi_server/controllers/tool_controller.py b/server/openapi_server/controllers/tool_controller.py
index 135716b..00879ad 100644
--- a/server/openapi_server/controllers/tool_controller.py
+++ b/server/openapi_server/controllers/tool_controller.py
@@ -14,7 +14,7 @@ def get_tool():  # noqa: E501
     """
     tool = Tool(
         name="phi-annotator-example",
-        version="1.2.0",
+        version="1.2.1",
         license=License.APACHE_2_0,
         repository="github:nlpsandbox/phi-annotator-example",
         description="Example implementation of the NLP Sandbox PHI " +