An interconnect system (30, 100) includes a transceiver module assembly (105) that is mountable in an industrial receptacle (28, 103). The receptacle mates to an industrial optical connector (34) to form an environmentally sealed connection. The receptacle has an interior passageway (143, 162) and mating means (124) for attaching the module assembly. The module assembly includes a spring-loaded module cage (50) for receiving active devices (48), such as SFP transceivers. The spring-loaded module cage can adjust its position within the receptacle to accommodate different type of modules from various vendors. When attached to the platform, the module assembly is positioned so that the cage's open end is accessible through the receptacle's passageway. Users have the option of plugging/unplugging the transceiver module either through the passageway or by removing the module assembly from the receptacle.