diff --git a/CMakeLists.txt b/CMakeLists.txt
index fd044ace4..9a97de56c 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -79,7 +79,7 @@ include( ROCMInstallSymlinks )
 include( ROCMClients )
 include( ROCMHeaderWrapper )
 
-set ( VERSION_STRING "2.0.0" )
+set ( VERSION_STRING "1.1.0" )
 rocm_setup_version( VERSION ${VERSION_STRING} )
 
 # Append our library helper cmake path and the cmake path for hip (for convenience)
@@ -193,7 +193,7 @@ endif( )
 
 # Package specific CPACK vars
 if( NOT USE_CUDA )
-  rocm_package_add_dependencies(DEPENDS "rocblas >= 4.0.0" "rocsolver >= 3.23.0")
+  rocm_package_add_dependencies(DEPENDS "rocblas >= 3.1.0" "rocsolver >= 3.23.0")
 endif( )
 
 set( CPACK_RESOURCE_FILE_LICENSE "${CMAKE_CURRENT_SOURCE_DIR}/LICENSE.md" )
diff --git a/bump_develop_version.sh b/bump_develop_version.sh
index 6e0dcfda8..dc41f143c 100755
--- a/bump_develop_version.sh
+++ b/bump_develop_version.sh
@@ -3,16 +3,16 @@
 # For the develop branch, bump hipblas version and rocblas/rocsolver dependency versions
 
 OLD_HIPBLAS_VERSION="1.0.0"
-NEW_HIPBLAS_VERSION="2.0.0"
+NEW_HIPBLAS_VERSION="1.1.0"
 
 OLD_MINIMUM_ROCBLAS_VERSION="3.0.0"
-NEW_MINIMUM_ROCBLAS_VERSION="4.0.0"
+NEW_MINIMUM_ROCBLAS_VERSION="3.1.0"
 
 OLD_MINIMUM_ROCSOLVER_VERSION="3.22.0"
 NEW_MINIMUM_ROCSOLVER_VERSION="3.23.0"
 
 OLD_SO_VERSION="hipblas_SOVERSION 0.1"
-NEW_SO_VERSION="hipblas_SOVERSION 2.0"
+NEW_SO_VERSION="hipblas_SOVERSION 1.0"
 
 sed -i "s/${OLD_HIPBLAS_VERSION}/${NEW_HIPBLAS_VERSION}/g" CMakeLists.txt
 sed -i "s/${OLD_MINIMUM_ROCBLAS_VERSION}/${NEW_MINIMUM_ROCBLAS_VERSION}/g" CMakeLists.txt
diff --git a/library/CMakeLists.txt b/library/CMakeLists.txt
index 982fb3dba..af054d77b 100644
--- a/library/CMakeLists.txt
+++ b/library/CMakeLists.txt
@@ -20,7 +20,7 @@
 # ########################################################################
 
 # This is incremented when the ABI to the library changes
-set( hipblas_SOVERSION 2.0 )
+set( hipblas_SOVERSION 1.1.0 )
 
 list( APPEND CMAKE_MODULE_PATH ${PROJECT_SOURCE_DIR}/cmake )