diff --git a/.gitmodules b/.gitmodules
index 6a1d0ca77..9d80332aa 100644
--- a/.gitmodules
+++ b/.gitmodules
@@ -1,3 +1,3 @@
 [submodule "kapitan/reclass"]
-  path = kapitan/reclass
-  url = https://github.com/salt-formulas/reclass.git
+	path = kapitan/reclass
+	url = https://github.com/kapicorp/reclass.git
diff --git a/CHANGELOG.md b/CHANGELOG.md
index 2488c1c2f..05c456d6f 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,6 @@
+## 0.27.3-rc.1:
+- Update pip dependencies to latest versions (#504)
+
 ## 0.27.3-rc.0:
 - Compile refs in embedded format (#502)
 
diff --git a/Dockerfile b/Dockerfile
index a3021806c..cb6fbf18e 100644
--- a/Dockerfile
+++ b/Dockerfile
@@ -24,7 +24,7 @@ RUN apt-get update \
     && apt-get install --no-install-recommends -y \
         build-essential \
     && python -m venv /opt/venv \
-    && pip install --upgrade pip yq \
+    && pip install --upgrade pip yq wheel \
     && pip install -r requirements.txt \
     && ./kapitan/inputs/helm/build.sh \
     && pip install .
diff --git a/Dockerfile.ci b/Dockerfile.ci
index 52c4a5360..fa3dd83b9 100644
--- a/Dockerfile.ci
+++ b/Dockerfile.ci
@@ -68,7 +68,7 @@ RUN apt-get update \
     # Metrics namespace for server side analytics
     && gcloud config set metrics/environment github_docker_image \
     && python -m venv /opt/venv \
-    && pip install --upgrade pip yq \
+    && pip install --upgrade pip yq wheel \
     && pip install -r ./kapitan/requirements.txt \
     && ./kapitan/kapitan/inputs/helm/build.sh \
     && pip install ./kapitan \
diff --git a/Dockerfile.pyinstaller b/Dockerfile.pyinstaller
index 20310e5c4..682ef41f2 100644
--- a/Dockerfile.pyinstaller
+++ b/Dockerfile.pyinstaller
@@ -28,7 +28,7 @@ RUN apt-get update \
     && apt-get install --no-install-recommends -y \
         build-essential \
     && python -m venv /opt/venv \
-    && pip install --upgrade pip \
+    && pip install --upgrade pip wheel \
     && pip install pyinstaller==$PYINSTALLER_VERSION \
     && pip install -r requirements.txt \
     && ./kapitan/inputs/helm/build.sh \
diff --git a/kapitan/reclass b/kapitan/reclass
index e768c1a89..ebddb9ef2 160000
--- a/kapitan/reclass
+++ b/kapitan/reclass
@@ -1 +1 @@
-Subproject commit e768c1a89617304ef31a41a6ed36082a0018a9a1
+Subproject commit ebddb9ef215096cdbe9aa7d227bba4c41d6b18ef
diff --git a/requirements.txt b/requirements.txt
index c683b22f7..cc8b304d0 100644
--- a/requirements.txt
+++ b/requirements.txt
@@ -1,20 +1,20 @@
 # kapitan dependencies
 jsonnet==0.15.0
-pyyaml>=5.3
-Jinja2>=2.11.1
+pyyaml>=5.3.1
+Jinja2>=2.11.2
 jsonschema==3.2.0
-python-gnupg==0.4.5
+python-gnupg==0.4.6
 six>=1.14.0
-cryptography>=2.8
+cryptography>=2.9.2
 google-api-python-client==1.7.11
-boto3>=1.12.1
-requests==2.22.0
+boto3>=1.13.4
+requests==2.23.0
 addict==2.2.1
-yamllint>=1.20.0
+yamllint>=1.23.0
 cffi
 rfc3987==1.3.8
-GitPython==3.0.8
-hvac==0.9.6
+GitPython==3.1.2
+hvac==0.10.1
 docker==4.2.0
 # Reclass dependencies
 pyparsing